SEC Bars Sunbelt Securities Broker For Selling Away
Donna Boyd of Houston Texas is an investment adviser and stockbroker formerly registered with Sunbelt Securities that has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser or broker according an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisors Act of 1940 which contained findings that Boyd sold away from her firm. In the Matter of Donna Boyd Administrative Proceeding File No. 3-18331 (Jan. 8 2018).
According to the Order, between January of 2013 and July of 2013, during which time Boyd was an investment adviser and broker for Sunbelt, she caused investors to buy securities of a Texas company, Presido Venture Capital, LLC – a company founded and previously managed by Boyd. Apparently, PVC was set up as a private equity fund designed to accumulate investors funds to invest in Houston Based start-up technology companies.
According to the Complaint filed by the SEC on December 5, 2017, when Boyd launched PVC, she reportedly failed to obtain Sunbelt’s permission for PVC to be treated as an alternative investment. Boyd reportedly solicited funds from investors without ever having notified Sunbelt in the process, and attempted to conceal her activities from the firm. Apparently, $860,000.00 had been accumulated by Boyd from twenty-five investors, fourteen of which included brokerage and advisory customers of Sunbelt Securities. The Complaint stated that Boyd facilitated sales meetings with those investors, advised them about investing in PVC, and helped effect their purchases of the PVC Units. Sunbelt apparently discovered Boyd’s private securities transactions and outside business activities when a customer lodged a complaint in 2016.
The SEC concluded that Boyd conducted the offer and sales of the PVC units as an unregistered broker; conduct violative of Securities Exchange Act of 1934 Section 15(a), as Boyd was neither registered with the Securities and Exchange Commission and had sold the PVC investments away from the firm.
This is not the first time that Boyd has been subject of a regulatory action concerning her misconduct. Particularly, Boyd was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that while she was employed with Ameriprise Financial Services, Inc., she utilized discretion to effect fifty-eight trades in twenty-eight customer accounts despite lacking any written authorization from the customers. Letter of Acceptance, Waiver and Consent, No. 2011030636701 (July 31, 2013). FINRA found that Boyd’s unauthorized trading was violative of FINRA Rule 2010 and NASD Rule 2510(b). Boyd was then barred by FINRA in all capacities for failing to provide FINRA with information relating to Boyd’s business activities. Case No. 2016049318501 (Aug. 29, 2016).
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